CBL & Associates Properties, Inc. (NYSE:CBL) Shares Purchased by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its stake in CBL & Associates Properties, Inc. (NYSE:CBL) by 61.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 485,162 shares of the real estate investment trust’s stock after acquiring an additional 184,058 shares during the period. Wells Fargo & Company MN owned 0.25% of CBL & Associates Properties worth $97,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Nuveen Asset Management LLC lifted its stake in CBL & Associates Properties by 2.5% in the 4th quarter. Nuveen Asset Management LLC now owns 763,744 shares of the real estate investment trust’s stock valued at $750,000 after buying an additional 18,692 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in CBL & Associates Properties by 23.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 289,238 shares of the real estate investment trust’s stock valued at $304,000 after buying an additional 54,436 shares in the last quarter. Zweig DiMenna Associates LLC lifted its stake in CBL & Associates Properties by 4.8% in the 1st quarter. Zweig DiMenna Associates LLC now owns 1,600,828 shares of the real estate investment trust’s stock valued at $320,000 after buying an additional 73,090 shares in the last quarter. Geode Capital Management LLC lifted its stake in CBL & Associates Properties by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,969,719 shares of the real estate investment trust’s stock valued at $3,118,000 after buying an additional 105,333 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in CBL & Associates Properties by 49.1% in the 1st quarter. Alliancebernstein L.P. now owns 360,827 shares of the real estate investment trust’s stock valued at $72,000 after buying an additional 118,830 shares in the last quarter. Hedge funds and other institutional investors own 58.86% of the company’s stock.

In related news, CEO Stephen D. Lebovitz sold 310,000 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $0.20, for a total transaction of $62,000.00. Following the transaction, the chief executive officer now owns 1,746,059 shares in the company, valued at $349,211.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Michael I. Lebovitz sold 150,000 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $0.20, for a total transaction of $30,000.00. Following the transaction, the president now owns 704,351 shares in the company, valued at approximately $140,870.20. The disclosure for this sale can be found here. 20.12% of the stock is currently owned by company insiders.

NYSE:CBL opened at $0.18 on Friday. The company has a debt-to-equity ratio of 5.23, a current ratio of 1.19 and a quick ratio of 1.19. CBL & Associates Properties, Inc. has a 1-year low of $0.18 and a 1-year high of $1.78. The firm has a 50-day moving average of $0.26 and a two-hundred day moving average of $0.42. The stock has a market cap of $35.13 million, a P/E ratio of -0.19 and a beta of 2.63.

CBL & Associates Properties (NYSE:CBL) last issued its quarterly earnings results on Tuesday, May 26th. The real estate investment trust reported ($0.75) EPS for the quarter, missing the consensus estimate of $0.28 by ($1.03). CBL & Associates Properties had a negative return on equity of 14.73% and a negative net margin of 16.54%. The company had revenue of $167.57 million for the quarter, compared to the consensus estimate of $172.82 million. As a group, equities analysts expect that CBL & Associates Properties, Inc. will post 0.72 earnings per share for the current year.

Several research analysts have weighed in on CBL shares. ValuEngine upgraded CBL & Associates Properties from a “strong sell” rating to a “sell” rating in a report on Thursday, June 11th. Zacks Investment Research downgraded CBL & Associates Properties from a “hold” rating to a “sell” rating in a report on Friday, June 19th. Finally, Wells Fargo & Co cut their price target on CBL & Associates Properties from $1.00 to $0.25 and set an “underweight” rating for the company in a report on Thursday, May 7th.

CBL & Associates Properties Profile

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 114 properties totaling 71.1 million square feet across 26 states, including 71 high-quality enclosed, outlet and open-air retail centers and 11 properties managed for third parties.

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Institutional Ownership by Quarter for CBL & Associates Properties (NYSE:CBL)

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